When BlackBerry (BBRY) reports quarterly earnings on March 31, the report will not likely bring new surprises. The stock is already down, reflecting dour services revenue and non-existent device sales. The business transformation in software solutions offers a better future.QNX, the OS running on millions of automobiles, combined with BBRY’s IoT security tech is a business worth at least $10/share. Note that QNX and Intel (INTC) are collaborating. INTC bought MBLY for a massive premium last week.BBRY’s balance sheet is still healthy. Even without a solid devices business and recurring IP revenue from Android sales, the company has billions in cash. R&D spend on software is enough to allow for dozens of app developments. Good/MDM/BES is the biggest revenue driver. The other areas, like secure business apps and mobility, are still in their infancy. DTEK Mercury: all but forgotten even before its launchInfrastructure spending via IoT and middleware is a $20 billion opportunity for BlackBerry (per Global Equity Research). The ER will show hints of progress here. Mercury: rounded bezels mean nothing if BlackBerry and TCL don't promote the device:As a software company, BBRY stock is cheap. It trades at around 2.5 times EV to sales. Software and services company typically trade at 5 – 10x. Look at Adobe, Microsoft, Google, or Autodesk. BlackBerry obviously needs sales acceleration in software, though, before those multiples apply to its the share price. At 2.5x sales, 1.8x book, and EPS growth of 31% this year and 26% next, the stock is about to rally. Near-term PT is $8.0. 2017 PT is $10/share.